Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,967/mo
Lowest payment- Down payment
- $307,618
- Funds due
- $322,012
- Interest + MI left
- $121,659
- First ends
- Jan 2051
Assumption
Assumption + second
$3,715/mo
+$1,748/mo- Down payment
- $63,618
- Funds due
- $79,728
- Interest + MI left
- $506,955
- First ends
- Jan 2051
New loan
New conventional
$4,380/mo
+$2,414/mo- Down payment
- $63,618
- Funds due
- $75,750
- Interest + MI left
- $828,144
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $322,382 | $322,382 | $566,382 |
| Second mortgage | — | $244,000 | — |
| First P&I | $1,536.47 | $1,536.47 | $3,836.87 |
| Second P&I | — | $1,748.05 | — |
| Mortgage insurance | — | — | $113.28 |
| Taxes, insurance & HOA | $430.17 | $430.17 | $430.17 |
| Total housing payment | $1,966.64 | $3,714.68 | $4,380.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,618
Closing costs & prepaids$16,110
Usable credit−$0
Total buyer cash needed$79,728
Earnest money paid−$0
Remaining funds due$79,728
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,611.91
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$756.00
Initial HOA (3 months)$34.50
Prepaid interest, first (9 days)$223.37
Prepaid interest, second (9 days)$466.27
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing24 yr 1 moOf the original 30-year loan at 2.81%
Interest already paid$58,021Through Dec 2026
Assumption only · ends Jan 2051$121,659
Assumption + second · ends Jan 2051, second Jan 2057$506,955
New conventional · ends Jan 2057$828,144